Thinking and building ‘RegTech’ long before the term itself
By Frank Cummings, CEO
If there’s a new word coined to describe something, it must be gaining traction. That is finally the case with ‘RegTech,’ the coinage describing technology designed to support compliance with regulations—particularly AML and terrorist-financing regulations.
We here at AML Partners have been thinking deeply about RegTech for years—nearly a dozen years at this point. The culmination of that thinking is RegTechONE, an AML software platform that integrates everything—KYC/CDD, transaction monitoring, and sanctions screening. With endless configurability and hundreds of bells and whistles. Like I said, we’ve been thinking about RegTech obsessively. For more than a decade.
Various companies are now jumping into RegTech, but for us—and for our customers—our AML Partners backstory matters. More than anything, it’s a story of creativity and problem-solving, of fusing various expertises into one unified AML/CFT end-to-end software solution.
My business partner and I connected years ago over our joint interest in AML Compliance in financial institutions. This was shortly after 9/11, and we knew our shared expertise in IT systems, FinTech, and on-site in-the-trenches AML Compliance consulting gave us a unique opportunity.
We knew AML Partners possessed the expertise and the drive to create an AML software solution that not only met the heightened regulatory environment post-9/11 but that boosted the effectiveness and efficiency of Compliance professionals and the institutions that relied on them. We knew this because we were working in these institutions every day.
My prior experience in massive and complex logistics and in corporate-technology leadership was the ideal foundation for designing software unique to the then-non-existent RegTech world. I knew that we could transform bulging file cabinets full of paper KYC/CDD into digitized databases that could analyze and calculate Risk. I also envisioned a seamless system that not only collected robust Risk-rated KYC but that integrated full behavior-sensitive transaction monitoring and full sanctions screening: One fully configurable end-to-end solution that transcended the endless misery of the Frankenstein’s-monster patchwork of so-called AML software ‘solutions.’
That solution is RegTechONE, the AML software platform for everything AML and CFT. I have to smile when I read the industry news about the rise of RegTech and the importance of integrating AML/CFT software solutions into daily Compliance operations. I couldn’t agree more, and I am like a proud parent knowing that AML Partners and its cutting-edge solutions are central to that particular backstory.
RegTechONE platform for global KYC AML software solutions
With AML Partners’ platform technology for RegTech, updating and upgrading your AML and eGRC software solutions is easier, faster, and much less expensive. Contact us today to explore how platform technology and our end-to-end AML Ecosystem powered by the RegTechONE platform–can transform the efficiency and effectiveness of your unique AML Compliance efforts. RegTechONE software for AML Compliance includes fully integrated modules for CDD KYC software for on-boarding, behavior and transaction monitoring software, and sanctions screening software for comprehensive AML screening. And AML Partners simplifies your end-to-end fully integrated AML Compliance efforts even further with an optional Subpoena Search module for FinCEN 314a and similar subpoena searches. Contact us today to learn about our proof-of-concept option or schedule a demo of RegTechONE, the AML software ecosystem. With extraordinary configurability and built for API extensibility, the RegTechONE AML software platformpowers not only an end-to-end AML software solution but also vendor management, AML client lifecycle management, eKYC Golden Records, Perpetual KYC, and so much more.
